GoTo Announces Q2 2024 Performance: Revenue Up 39 Percent, Losses Down 95 Percent

PT GoTo Gojek Tokopedia Tbk (Goto) announced its second quarter 2024 financial performance with a number of achievements. The group recorded an increase in core Gross Transaction Value (GTV) of 54% YoY, reaching IDR 63,2 trillion, while gross revenue grew 39% YoY to IDR 4,3 trillion.

Adjusted EBITDA loss was reported to have decreased drastically by 95% YoY to IDR 48 billion, which is considered to show the right steps to achieve the EBITDA breakeven target for the 2024 financial year.

GoTo Group CEO Patrick Walujo stated, "The rapid growth in the second quarter shows that our strategy to focus on the mass market is correct. We continue to be committed to achieving break-even EBITDA for the 2024 financial year."

Business segment performance

• On-Demand Services: This segment recorded its highest record since early 2023 with an increase in completed orders of 20% YoY and GTV growing 14% YoY to IDR 15,5 trillion. Gross income increased 17% YoY to IDR 3,4 trillion. This segment managed to record positive adjusted EBITDA for three consecutive quarters.
• financial technology: This segment's core GTV grew 65% YoY to reach IDR 56,2 trillion. Gross revenue increased 97% YoY to IDR 788 billion. The value of loans disbursed increased around 3,5 times compared to the same period the previous year, with the GoPay application having been downloaded more than 30 million times.

GoTo Group CFO Jacky Lo added, "With user growth Gojek Plus the doubling and increasingly widespread adoption of the GoPay application, we are confident we are on the right track to achieve our profitability targets."

Efficiency and cost management

GoTo's fixed routine cash expenses decreased 5% YoY to IDR 1,3 trillion. This cost reduction is driven by operational efficiency and disciplined management of business expenses. GoTo also recorded a strong cash position of IDR 22,0 trillion at the end of June 2024.

GoTo also stated that it continues to be committed to best practices related to environment, social and governance (ESG). The company increased its fleet of two-wheeled electric vehicles by 172% and launched various partnerships and new products for partners.

Going forward, GoTo plans to continue to focus on developing its Financial Technology and On-Demand Services business, with a target of achieving break-even EBITDA by the end of 2024.